We Investigated Bybitcrypt: Legit or Scam? The Facts

Recently, Bybitcrypt.com website surfaced, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather credible supporting information that clearly reveals it is, actually, a deceptive site.

Regardless of the promises of the most user-friendly, trustworthy, and customer-centric service, Bybitcrypt.com does not fulfill any of them. All this is just a golden wrap around a dirty scam, which steals your money and never gives them back. Any tales about bonuses, sponsorship from celebrities etc are absent as well.

Bybitcrypt Scam Overview

Originally, Bybitcrypt poses as a cryptocurrency trading & cryptowallet service with exceptionally low commission fees. Another bright marketing point for this platform is partnerships with celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look real, frauds employ deepfake videos where those celebrities advertise the fake crypto service as the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a vivid wrap around an obvious scam.

Bybitcrypt Scam

Initially, Bybitcrypt shares the design of many similar websites. There are quite a few examples, like Bitswifter, Bitoneco or Bitcoinsynergy. They are completely undistinguishable in terms of visual elements, with slight discrepancies in the webpage header. Other specific elements, and sometimes even crypto wallet addresses, are matching. Most likely, all these deceptive online platforms are led by the same group of swindrels.

Cryptocurrency Scam Summary

How the Bybitcrypt Scam Works?

Bybitcrypt is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use several website designs, which still share the same overall layout. Another mutual element are the ways the scams like NAME are promoted, and the manner all this ends up to the victim of the scam. To reach peak efficiency, frauds apply advanced psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the scam, criminals establish and fill accounts on well-liked social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Utilizing bots and sponsored ads (when achievable), fraud actors intensify the visibility of their fraudulent activities to possible victims. And as I said, fraudsters do not disdain using generative AI for creating clips with the mentioned celebs that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

Promotions of cryptoscams like Bybitcrypt in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

Upon following the ads, victims end up on a page filled with attractive offers. “Crypto starts with Bybitcrypt”, “Your crypto savings are secured with Bybitcrypt, “Start earning with Bybitcrypt – they look rather reliable. To heat up the interest and make the users proceed to step 3, fraudsters say that unlocking the promoted bonus requires registration. And since nothing concerning happens at this point, uninformed users happily move on – especially as the bonus appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you sign up using your personal data, rascals will not earn even a penny from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, deceivers bait folks for registration with bonuses. And all the personal data needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Solely by gathering this information and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

As it turns out, the alleged bonus is not available for withdrawal right away. To make it at least usable for crypto purchases, the user should top up the account with the equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Eventually, any cryptocurrency purchases require having capital on your account. In the case of Bybitcrypt, users are also coerced to top up to claim the bonuses. And these top ups is what creates the majority of the money flow to this fraudulent site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the deposited money and withdraw them.

This is where the victim notices the issues. When comparing the actual crypto wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to withdraw the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that swindlers are naught on intentions to give your money back. Though to make the fraud look more legitimate, they’ve elaborated a whole pack of reasons to decline the withdrawal request. Most of them repeat what Know Your Client regulations say, but in this case they are here only to make the wireout impossible.

By asking for your personal data, deceivers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your money back. And each of these checks will reveal more and more info of yours, which – you guessed it right – will be then marketed on the Darknet. Never reveal your real info to strangers!

Signs of Scam

I gathered several facts that point at the scammy nature of the Bybitcrypt.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Bybitcrypt.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Bybitcrypt arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Bybitcrypt resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Bybitcrypt employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Bybitcrypt capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Bybitcrypt.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Bybitcrypt site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.

• Report to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further financial setbacks.

Scan your system for possible malware infections

Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.

Throughout the course of the fraud, its actors may get in touch with you with particular documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we already figured out, these deceivers have no intent of giving back your capital. So, what can these email messages and browser add-ons represent? Correct – this is another side of the scam designed to throw you into deliberately installing malicious software onto your computer.

Both plugins and attachments attached to email messages can act as a carrier for different malicious software. In this scenario, I foresee the presence of spyware and stealers among other types of threats. While it is not obligatory for scammers to distribute malware, the probability is always significant. As noted, their morality is of little concern, and their reputation is already severely tarnished. They have nothing to lose and intend to maximize profits.

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